Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 16,691,514 $ 18,237,513
Accounts receivable, net of allowance for credit losses of $200,192 and $183,242, respectively 4,173,990 3,449,753
Income tax receivable 80,718 515,259
Prepaid expenses 1,209,813 1,402,824
Other current assets 0 588,838
Total current assets 22,156,035 24,194,187
Property and equipment, net 98,053 143,438
Operating lease right-of-use assets 785,543 1,002,749
Assets deployed at client locations, net 3,268,294 1,399,708
Goodwill 1,091,000 1,091,000
Other intangible assets, net 12,755,735 13,906,111
Other assets 321,140 273,323
Total assets 40,475,800 42,010,516
Current liabilities:    
Accounts payable 1,002,061 1,129,869
Accrued expenses 2,584,231 3,697,504
Revenue contract liability 167,014 16,667
Current portion of operating lease liabilities 268,541 248,317
Current portion of long-term debt 854,120 940,084
Total current liabilities 4,875,967 6,032,441
Long-term portion 585,879 830,289
Long-term debt and liabilities, net 53,196,585 52,960,772
Deferred tax liabilities, net 60,790 72,401
Total liabilities 58,719,221 59,895,903
Commitments and Contingencies (See Note 10)
Stockholders’ deficit    
Preferred stock, 10,000,000 shares authorized; $0.001 par value; 0 shares issued and outstanding
Common stock, 65,000,000 shares authorized; $0.001 par value; 24,845,439 and 24,411,098 shares issued and outstanding, respectively 24,846 24,411
Additional paid-in capital 18,972,901 17,575,396
Accumulated deficit (37,124,126) (35,316,540)
Accumulated other comprehensive loss (117,042) (168,654)
Total stockholders’ deficit (18,243,421) (17,885,387)
Total liabilities and stockholders’ deficit $ 40,475,800 $ 42,010,516